Laurie Gray Rental Deal

 

Laurie Gray Rental Deal

Dreamtime Properties in Staunton, VA
Laurie Gray with Robert Gray

This deal is 3 parcels with 5 single-family homes on each parcel (one is the original 1800's structure and unstable). A total of 14 rentable homes each built in the 1940s. It was listed on the MLS as a residential listing, but not as a commercial listing, so it didn't receive much traffic from investors. The previous owner put all the profits back into the properties to bring them up a level. Our plan is to bring these houses up to the next level with rehab and bring in the next caliber of tenants. We like to call it 'the hamlet'. Great little homes in a nice town with lots of character. We may be able to see our way to divide out a few homes to be on their own lots and sell them separately, but that will take many hours and relationship building in the city offices to try and make that work. Most of the homes we intend to hold and rent indefinitely. We tripled our rental doors.

Rental Details


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Case Study

How did the FortuneBuilders team and resources help you to accomplish this deal?

Many, many coaching calls and strategy discussions. I attended the commercial bootcamp in Baltimore in February, which allowed me to wrap my mind around how to analyze the property and how to find a great lender, property manager and basically build an entire team to help acquire and run this property. Sample contracts allowed us to revise what was provided by our property manager to allow for some better terms. Basically, I would have never dreamed I could buy this property before Fortunebuilders.